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Article: Arch Chemicals Sells Performance Urethanes Business in Venezuela.
- Article from:
- Business Wire
- Article date:
- September 10, 2007
CopyrightCOPYRIGHT 2007 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NORWALK, Conn. -- Arch Chemicals, Inc. (NYSE: ARJ) has completed the sale of its non-strategic performance urethanes and organics business located in Santa Rita, Venezuela.
Net proceeds from the sale are expected to be approximately $14 million and are subject to a post-closing working capital adjustment. In addition, the agreement provides for a contingent earn-out based upon future performance of one of the products of the divested business. The Company expects to record a non-cash, pre-tax loss of approximately $14 million on this transaction due to the recognition of historical foreign currency translation losses. Arch's Venezuelan subsidiary, Arch Quimica ...